Cityscape opens in capital

More than 100 real estate developers and other property firms converged on Abu Dhabi on Sunday for the annual Cityscape realty show.

Real estate giants such as Aldar, Surouh, Bloom, Reem Investments and other property developers exhibited their projects, some of which will be completed this year. But the good mood and big queues that had characterised previous Cityscape shows were absent from Sunday’s event.

“There is still good interest in the show but not like in previous shows,” said one of the organizers. “This is because of the downturn in the sector, the global financial crisis and the current events in the Middle East.”

Giant projects on show included the Dh-five billion Salam tunnel being constructed by the Abu Dhabi Municipality, Abu Dhabi 2030, Reem Island and South Shakmha town, which will house nearly 130,000 Emiratis when it is completed within three years.

Quoted by the National newspaper, a senior property executive said he expected a sharp rise in housing sales in the Capital this year when more than 16,000 homes come to the local market.

“The market is coming to a stage where it is becoming more mature,” said Sami Asad, Aldar’s CEO. “We believe the delivery of these communities will largely increase sales this year.”